Stifel Nicolaus Cuts Lindsay (NYSE:LNN) Price Target to $113.00

Lindsay (NYSE:LNN) had its target price cut by Stifel Nicolaus from $128.00 to $113.00 in a research note released on Monday morning,Benzinga reports. They currently have a hold rating on the industrial products company’s stock.

Lindsay Stock Up 2.5%

Shares of NYSE LNN opened at $108.41 on Monday. The company has a market capitalization of $1.13 billion, a P/E ratio of 19.86 and a beta of 0.82. Lindsay has a 52-week low of $97.27 and a 52-week high of $150.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.43 and a current ratio of 3.02. The company’s 50 day moving average price is $125.61 and its 200-day moving average price is $123.55.

Lindsay (NYSE:LNN) last issued its quarterly earnings results on Thursday, April 2nd. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.45). The firm had revenue of $157.72 million during the quarter, compared to analyst estimates of $163.52 million. Lindsay had a return on equity of 11.28% and a net margin of 9.25%.The firm’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.44 EPS. Equities analysts forecast that Lindsay will post 5.82 earnings per share for the current year.

Lindsay Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, May 15th. Lindsay’s payout ratio is presently 27.11%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of LNN. Aster Capital Management DIFC Ltd acquired a new position in shares of Lindsay during the 4th quarter valued at $25,000. Advisory Services Network LLC acquired a new position in shares of Lindsay during the 3rd quarter valued at $30,000. Copeland Capital Management LLC acquired a new position in shares of Lindsay during the 4th quarter valued at $62,000. Kestra Advisory Services LLC acquired a new position in shares of Lindsay during the 4th quarter valued at $83,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Lindsay by 2,226.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 954 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 913 shares during the period. Institutional investors and hedge funds own 89.94% of the company’s stock.

Lindsay Company Profile

Lindsay Corporation (NYSE: LNN) is a U.S.-based manufacturer of agricultural irrigation and infrastructure products. Headquartered in Omaha, Nebraska, the company has built a reputation for designing and producing center pivot and lateral‐move irrigation systems under the Zimmatic brand. These systems feature advanced controls, precision sprinklers and automated monitoring technology that help growers optimize water use, improve crop yields and enhance sustainability in a variety of row-crop, specialty crop and forage operations.

Beyond its core irrigation business, Lindsay operates an infrastructure segment that delivers engineered products and services for water and roadway management.